Argentine President Mauricio Macri has signed into law legislation that establishes public-private partnerships for public works projects.
The bill, which was approved last month by the Argentine Senate, seeks to stimulate investment in infrastructure, housing, services and other areas. It is the latest step by Macri to stimulate investment in infrastructure in Argentina as he works to jump-start the economy.
The legislation includes environmental controls, details involving contracts and sets the minimum amount of domestic goods and services to be used in public works projects at 33%. It also creates a congressional commission with oversight over the contracts.
The law was published in the government’s official gazette on Wednesday.
Last month, Argentina announced it was setting up a $1.3bn infrastructure fund with Qatar focused on infrastructure projects in the country. Under the agreement, The Qatar Investment Authority, the country’s sovereign fund, will contribute $1bn, while Argentina’s state pension agency, ANSES, will put in $300m.